IMM Financial has programs that can help you realize your dream. Whether you are a Canadian citizen or you are a citizen on another country there are Second Home Mortgage options available for you. Depending on the country that is your residence, qualifications will differ.
The majority of Second Home purchases will be made by Canadian Citizens. As this purchase is intended as a non-primary residence, it will have slightly different qualifications due to the fact that you will not be living there full time. This does have inherent risks of its own which does affect the down payment requirement which can, based on the actual location of the Second Home, be 10% or more that would be required if the property was a primary residence.
Many Second Home purchases are made by people who have a primary residence outside of Canada. Just because you are not from Canada does not mean that you will not be able to qualify for a Home Loan in Canada. There will be a bit more work involved in the process however. All of the expected verifications will have to be done which would be expected, such as verification of income, credit bureau reporting, evidence of down payment and the like. Many countries can provide a credit report which can be used by Second Home Mortgage Lenders.
The application process, whether the property being purchased is a Second Home or a Primary Residence, will be essentially the same. You will need to complete a long form application, provided proof of employment/income, proof of funds to be put down and where they originate from, permit your Credit Report to be pulled, allow the verification of your information submitted and then the property being purchased will need to appraised/valuated to confirm the price being paid for the property.
One all this has been successfully completed and approved, the closing can be set up.